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Estimation of Optimal International Reserves for Costa Rica: A Micro-Founded Approach (EN) 

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Date published
2012 
Author
Segura-Rodríguez, Carlos Luis
Funk, Katharina
Document language
eng
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Abstract
In this paper we apply to the economy of Costa Rica a model for the estimation of the optimal amount of international reserves, developed by Jeanne and Rancière (2006, 2011). The main assumption of the model is that the consumers have the possibility to save a part of their income during normal times to smooth the decrease of consumption possibilities during periods of sudden stop crises. The two most important results are that for all analyzed periods the optimal level of reserves lies above the observed one and that the estimations of optimal reserves show relatively little volatility over time. Accordingly, the core conclusion of the document is that the Central Bank of Costa Rica should increase its efforts to accumulate international reserves in the medium run.
Código JEL
F32- Ajustes de la balanza por cuenta corriente; Movimientos de capital a corto plazo
 
G01-Mercados financieros en general
 
G15- Mercados financieros internacionales
 
JEL code
F32-Current Account Adjustment; Short-Term Capital Movements
 
G01-Financial Crises
 
G15-International Financial Markets
 
Palabras clave
Reservas internacionales óptimas
 
Paradas repentinas
 
Dolarización financiera
 
Keywords
Optimal International Reserves
 
Sudden Stops
 
Financial Dollarization
 
Handle:


URI
https://repositorioinvestigaciones.bccr.fi.cr/handle/20.500.12506/112
https://activos.bccr.fi.cr/sitios/bccr/investigacioneseconomicas/DocPoliticaCambiariaSectorExterno/Estimation_Optimal_International_Reserves.pdf
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  • Documentos de Trabajo [174]
Open AccessThis work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.

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Central telefonica

(506) 2243-3333

Central telefónica
.

Dirección

Dirección

Av. central y 1, calles 2 y 4, San José, Costa Rica

Horario

Horario

Lunes a viernes
9:00 a.m a 4:00 p.m

Atencion al usuario

Escríbanos

Atención al usuario
.

Central telefonica

(506) 2243-3333

Central telefónica
.

Dirección

Dirección

Av. central y 1, calles 2 y 4, San José, Costa Rica

Horario

Horario

Lunes a viernes
9:00 a.m a 4:00 p.m

Atencion al usuario

Escríbanos

Atención al usuario
.